MORNBFI Vol. 1 - Planters Development Bank

APP. Q-23-b09.12.31Anti-Money Laundering Council No. 292RULES ON SUBMISSION OF COVERED TRANSACTION REPORTS ANDSUSPICIOUS TRANSACTION REPORTS BY COVERED INSTITUTIONS 11. All covered institutions are requiredto file Suspicious Transaction Reports (STRs)on transactions involving all kinds of monetaryinstruments or property.2. Banks shall file covered transactionreports (CTRs) on transactions involving allkinds of monetary instruments or property,i.e., in cash or non-cash, whether indomestic or foreign currency.3. Covered institutions, other thanbanks, shall file CTRs on transactions incash or foreign currency or other monetaryinstruments (other than checks) orproperties. Due to the nature of thetransactions in the stock exchange, only thebrokers-dealers shall be required to file CTRsand STRs. The PSE, PCD, SCCP and transferagents are exempt from filing CTRs. They,are however, required to file STRs when thetransactions that pass through them aredeemed to be suspicious.4. Where the covered institutionengages in bulk transactions with a bank,i.e., deposits of premium payments in bulkor settlements of trade, and the bulktransactions do not distinguish clients andtheir respective transaction amounts, saidcovered institutions shall be required to fileCTRs on its clients whose transactionsexceed P500,000 and are included in thebulk transactions.5. With respect to insurancecompanies, when the total amount of thepremiums for the entire year, regardless ofthe mode of payment (monthly, quarterly,semi-annually or annually), exceedsP500,000, such amount shall be reportedas a covered transaction, even if theamounts of the amortizations are less thanthe threshold amount. The CTR shall befiled upon payment of the first premiumamount, regardless of the mode of payment.Under this rule, the insurance companyshall file the CTR only once every year untilthe policy matures or rescinded, whichevercomes first.6. The submission of CTRs is deferreduntil the AMLC directs otherwise.Submission of STRs, however, are notdeferred and covered institutions aremandated to submit such STRs when thecircumstances so require.1a. The Anti-Money Laundering Council (AMLC), in the exercise of its authority under Sections 7(1) and 9 of RepublicAct No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001”, as amended, and its Revised ImplementingRules and Regulations, resolved to:(1) Defer reporting by covered institutions to AMLC of the following “non-cash, no/low risk covered transactions:· Transactions between banks and the BSP;· Transactions between banks operating in the Philippines;· Internal operating expenses of the banks;· Transactions involving transfer of funds from one deposit account to another deposit account of the same personwithin the same bank;· Roll-overs of placements of time deposits; and· Loan interest/principal payment debited against borrower’s deposit account maintained with the lending bank.(2) Request the BSP-supervised institutions, through the Association of Bank Compliance Officers (ABCOMP), todetermine and report to AMLC the specific transactions falling within the purview of the aforesaid BSP-identified categories on“non-cash, no/low risk” covered transactions.b. All covered institutions should:(1) Submit corresponding electronic copy versions, in the required format, of those STRs previously submitted in hardcopy or the hard copy version of those submitted only in electronic form, as the case may be, retroactive to 05 January 2004;and(2) Re-submit in required electronic form, those CTRs that have been submitted previously in hard copy or in diskettenot in the required format, retroactive to 23 March 2003.(As amended by CL-2009-037 dated 04 May 2009)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-23-b - Page 1